Whether you are thinking about moving to Florida or moving out of Florida, knowing more about real estate property in Florida can help you make some more significant decisions.
The nationwide median price for a home is up by 15% from just last year alone, and the Florida real estate market is up even more than that.
Keep reading to learn a few more stats and trends you need to know about Florida property in 2022.
Florida Is at the Top
If you are looking to buy, it can be a difficult time to get a house in Florida since the state has seen some of the highest increases in home prices across the country.
However, if you do have extra disposable income at your fingertips, then you may want to turn to Florida property investing.
Once you own the home, you can turn it around and start making a profit from it by renting it out as well.
Florida Keeps Growing
Another important trend to recognize about Florida is that it continues to grow its population. It’s grown by over 2 million people since 2010, and it is continuing to grow at that pace. Now, it’s the third most populous state in the country behind California and Texas.
This trend is not stopping, either. Experts predict that the state will continue to grow by hundreds of people every single day until 2025.
So, what does that mean for you?
Florida property investing could be a great area to get into.
There Will Be Fewer Purchases
While the population continues to grow, putting Florida at the top of the real estate market in 2022, this also means that fewer people are likely to make home purchases in 2022.
They are afraid they cannot afford the rising home prices and will more likely look to rent a place instead.
That’s not all bad, though. This just means that instead of one single home getting 20 offers at a time, it could get about 5 offers. The home is still selling, and people are still buying – just at slower rates.
This could also make it a bit easier for people who want to buy a home, whereas before it was almost impossible to get the home you wanted!
Everyone Will Turn to the Smaller Markets
By smaller markets, we mean the West coast of Florida. These areas tend to be more affordable than some of the larger cities like Ft. Lauderdale, Jacksonville, and Miami.
This will be especially true because of the ability for people to choose where they want to move with remote work.
Real Estate Property in Florida
Real estate property in Florida has been skyrocketing for the past year, but it is predicted to slow down a bit. This will be good for both buyers and sellers, and anyone who wants to get into Florida property investing.
If you want to look for a property in Florida, contact us and we will help you find one!